AUD/USD: technical analysis 18.11.2019

Current trend

AUD/USD is in the stage of a downward correction after growing to the level of 0.68190. If the price managed to cross the 0.68054 support, the downward correction can continue to the area of 0.67978-0.67749. The area of 0.67749-0.67689 will be a key zone for the sellers. There is a high chance of an upward rebound, while its breakdown will be a signal for downward trend resumption and let the price fall to the area of 0.67444 support level.

Alternative scenario

The rebound from 0.68054 support could lead the price back to 0.68190 resistance. One may speak about upward movement continuation after the price consolidates above this resistance mark. In this case, the next targets of buyers will be the area of 0.68359-0.68404.

The technical picture is mixed.
Bollinger Bands are pointed sideways.
MACD volumes are decreasing in the negative zone, showing the growth of buyers’ moods.
Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.68054, 0.67749, 0.67444.
Resistance levels: 0.68200, 0.68359, 0.68665.

Trading recommendations

Short positions can be opened below the level of 0.68054 with the target at around 0.67749 and stop-loss at 0.68154.
Long positions can be opened above the level of 0.68200 with the target at around 0.68359-0.68404 and stop-loss at 0.68130.

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